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Fiat strikes deal with UAW Trust to buy out their Chrysler shares

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A U.S. flag flutters in the wind behind a Fiat logo at a car dealership in Alexandria
A U.S. flag flutters in the wind behind a Fiat logo at a car dealership in Alexandria

DETROIT  (WKZO) -- Fiat is gobbling up the rest of Chrysler. The Italian automaker has reached an agreement to buy the 41-percent stake in Chrysler that it didn't already own.

Fiat is buying the stake from a retiree healthcare trust affiliated with the United Auto Workers union. The trust will get over three and a-half billion dollars in cash.

Once the deal closes, it will get an additional 700-million-dollars from Chrysler.

The deal, which ends months of negotiations, is expected to close later this month.

 

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